Discounted Cash Flow (DCF) Analysis Unlevered

T-Mobile US, Inc. (TMUS)

$141.075

-1.46 (-1.03%)
All numbers are in Millions, Currency in USD
Stock DCF: 293.18 | 141.075 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 40,60443,31044,99868,39780,11896,081.24115,225.11138,183.32165,715.89198,734.22
Revenue (%)
EBITDA 10,81611,76012,35420,73123,09626,976.2932,351.2238,797.0946,527.2955,797.69
EBITDA (%)
EBIT 4,8325,2745,7386,5806,71310,535.9812,635.2415,152.7718,171.9121,792.60
EBIT (%)
Depreciation 5,9846,4866,61614,15116,38316,440.3119,715.9823,644.3228,355.3834,005.09
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 1,2191,2031,52810,3856,6316,271.317,520.859,019.3610,816.4312,971.57
Total Cash (%)
Account Receivables 4,2274,3184,5087,8538,94210,192.5012,223.3214,658.7817,579.4921,082.14
Account Receivables (%)
Inventories 1,5661,0849642,5272,5672,959.423,549.074,256.215,104.256,121.25
Inventories (%)
Accounts Payable 6,1825,4874,32210,1966,49911,629.2813,946.3816,725.1520,057.5824,053.98
Accounts Payable (%)
Capital Expenditure -11,065-5,668-7,358-12,367-21,692-19,571.01-23,470.47-28,146.88-33,755.05-40,480.63
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 141.075
Beta 0.476
Diluted Shares Outstanding 1,154.75
Cost of Debt
Tax Rate 9.76
After-tax Cost of Debt 2.86%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.017
Total Debt 106,011
Total Equity 162,906.28
Total Capital 268,917.28
Debt Weighting 39.42
Equity Weighting 60.58
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 40,60443,31044,99868,39780,11896,081.24115,225.11138,183.32165,715.89198,734.22
EBITDA 10,81611,76012,35420,73123,09626,976.2932,351.2238,797.0946,527.2955,797.69
EBIT 4,8325,2745,7386,5806,71310,535.9812,635.2415,152.7718,171.9121,792.60
Tax Rate -43.50%26.27%24.66%13.20%9.76%6.08%6.08%6.08%6.08%6.08%
EBIAT 6,933.873,888.514,323.135,711.376,057.939,895.6411,867.3114,231.8317,067.4820,468.11
Depreciation 5,9846,4866,61614,15116,38316,440.3119,715.9823,644.3228,355.3834,005.09
Accounts Receivable --91-190-3,345-1,089-1,250.50-2,030.82-2,435.46-2,920.71-3,502.65
Inventories -482120-1,563-40-392.42-589.65-707.14-848.04-1,017
Accounts Payable --695-1,1655,874-3,6975,130.282,317.102,778.773,332.433,996.41
Capital Expenditure -11,065-5,668-7,358-12,367-21,692-19,571.01-23,470.47-28,146.88-33,755.05-40,480.63
UFCF 1,852.874,402.512,346.138,461.37-4,077.0710,252.307,809.449,365.4511,231.4813,469.32
WACC
PV UFCF 9,785.537,114.538,143.629,321.5710,669.91
SUM PV UFCF 45,035.17

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.77
Free cash flow (t + 1) 13,738.70
Terminal Value 495,982.07
Present Value of Terminal Value 392,899.30

Intrinsic Value

Enterprise Value 437,934.47
Net Debt 99,380
Equity Value 338,554.47
Shares Outstanding 1,154.75
Equity Value Per Share 293.18